For several months the SPX has had a 42 trading day cycle. The next bottom is due 02/04/20. If the Elliott wave count is correct the supposed Minute wave "iv"-boxed will be equal in time to the supposed Minute wave "ii"-boxed on 02/04/20.
It's because February 3rd is the primary day in Iowa, and Bernie Sanders is predicted to win. If he does it'll set up a correction for the equities markets.
Simon111
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If it's an ABC correction the C leg could still end at your predicted 02/04/20
artizan777
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that was all correction down! now we going to ATH !!!
artizan777
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@artizan777,Before the election, the red-headed idiot, the index will only grow !!!
PaulDeep19131
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If we close above 3260, the trend is still overall intact and that will likely be viewed tomorrow and/or Wednesday from Apple, Microsoft and Tesla earnings which will set the tone for the Nasdaq sentiment and the broader market.
If the Fed remains accommodative this week we could see record highs again sometime this week as well.
If the virus worsens however, drastically, the week could remain vehemently volatile even if we hit record highs.
- zSplit
markrivest
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@zSplit,
Thanks for comment.
Sintar123
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Why would it be equal in time? YOur right we are in wave iv, but rule of alternation says time may be different for waves 2 and 4
markrivest
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@coolioyo,
The guidelines for alternation pertain to wave patterns. For example if wave "2" was a Zigzag wave "4" could take the form of a Horizontal Triangle.
There are Fibonacci price and time relationships between the various waves. Such as wave "1" is equal to wave "5". Equality is also a common relationship between waves "2" and "4".